CURRENT AFFAIRS

The Reserve Bank of India’s Monetary Policy Committee (MPC) decided to keep the repo rate unchanged at 5.25%, maintaining the status quo on interest rates. Consequently, bank lending and deposit rates — and EMIs on home and personal loans — are expected to remain stable.

In the recently presented Union Budget 2026–27, the Finance Minister announced the launch of the Mahatma Gandhi Gram Swaraj Initiative (MGGSI), which aims to strengthen traditional sectors such as khadi, handloom, and handicrafts.

India’s electricity distribution companies (DISCOMs) have reported a notable financial and operational turnaround after years of persistent losses. While key indicators show improvement, concerns remain over the long-term sustainability of these gains, particularly due to continued dependence on State support and unresolved structural challenges.

Union Cooperation Minister Amit Shah has launched Bharat Taxi, India’s first cooperative-based ride-hailing platform, positioning it as a people-centric alternative to private cab aggregators such as Uber, Ola, and Rapido. The initiative aims to strengthen the cooperative movement, enhance driver autonomy, and offer affordable urban mobility through a driver-owned platform model.

The Union Minister of State for Electronics and Information Technology recently informed the Lok Sabha about the SAMRIDH Programme, highlighting its role in strengthening India’s startup ecosystem by supporting technology-based startups through accelerators and innovation networks.

The Ministry of Cooperation recently informed Parliament about the financial assistance released to cooperative societies and beneficiaries under the Yuva Sahakar Scheme during the period 2022–2025, highlighting the scheme’s role in promoting youth entrepreneurship in the cooperative sector.

Recently, the Union Finance Minister announced the launch of a new initiative called "Biopharma Shakti" during Budget 2026–27. It aims to empower India's biopharmaceutical sector.

India has committed to importing goods worth $100 billion annually from the United States for five years as part of a broader trade understanding that also involves significant tariff reductions by the U.S. The move comes after a phase of escalating trade tensions, particularly the U.S. decision in August 2025 to raise tariffs on Indian goods to 50%, and marks a major recalibration of bilateral economic relations.

In the Union Budget 2026–27, the Union Minister for Finance announced the launch of the Biopharma SHAKTI initiative to strengthen India’s position in the global biopharmaceutical value chain and expand domestic capabilities in advanced therapies.

The Union Budget 2026–27 has proposed a complete exemption from Basic Customs Duty (BCD) on 17 cancer-related drugs and medicines, providing immediate financial relief to patients suffering from cancer and rare diseases and signalling a policy shift towards healthcare affordability.